China - national debt 2019-2029 | Statista (2024)

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China - national debt 2019-2029 | Statista? ›

National debt of China 2029

Currently, China's total debt stands at around $47.5 trillion, which is less than the US's near $70 trillion. Notably, China holds the largest share of non-financial corporate debt globally, at 28%. Both China and the U.S. are among the countries with the highest debt-to-GDP ratios.

In 2023, aggregate local government debt had risen to 92 trillion yuan ($12.58 trillion) and the central government of People's Republic of China ordered its banks to roll over debts in a debt-restructuring. China's gross external debt in 2023 was $2.38 trillion.

[2] A report by the credit rating agency S&P Global in 2022 estimated that 79 per cent of corporate debt in China was owed by SOEs (the IMF does not break down the proportion of debt owed by SOEs).

Among other countries, Japan and China have continued to be the top owners of US debt during the last two decades. Since the dollar is a strong currency that is accepted globally, holding a substantial amount of US debt can be beneficial.

Annual totals are based on data from April of each year. Inflation adjusted to the 2023 calendar year. As of April 2024, the five countries owning the most US debt are Japan ($1.1 trillion), China ($749.0 billion), the United Kingdom ($690.2 billion), Luxembourg ($373.5 billion), and Canada ($328.7 billion).

According to IMF data, the total debt of China, which includes all categories of liabilities, was at 225 percent of GDP. Comparatively speaking, this ratio is lower than some developed countries but higher than almost all the developing countries except two.

Russia National Government Debt reached 299.3 USD bn in Jul 2024, compared with 303.4 USD bn in the previous month. Russia National Government Debt data is updated monthly, available from May 2009 to Jul 2024. The data reached an all-time high of 384.2 USD bn in Jun 2022 and a record low of 86.1 USD bn in May 2009.

As much as $800 billion of that debt is at a high risk of default, economists say. If the financing vehicles can't meet their obligations, Beijing could either pay for bailouts, which might create a bigger problem by encouraging unsound borrowing.

Why is America in so much debt? ›

One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.

Eliminating the U.S. government's debt is a Herculean task that could take decades. In addition to obvious steps, such as hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial.

Ownership of the Debt

The Debt Held by the Public is all federal debt held by individuals, corporations, state or local governments, Federal Reserve Banks, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities.

According to an investigation by The Wall Street Journal, in July, the total amount of off-the-book debts held by local governments across China now stands at between $7 trillion and $11 trillion, with as much as $800 billion at risk of default. Although the scale of debt may be worse now, the problem is not new.

Luxembourg, with its high GDP per capita and strong financial sector, is the richest country in the world. The nation is known for using wealth to ensure better living standards, healthcare, and education for the general populace.

India takes the top spot. The world's most populous country owed $38.3bn to the WB at the end of 2022, down by almost $1.5bn from a year earlier. India's outstanding balance is almost double that of the next biggest debtor, Indonesia, with $20.6bn.

Of that amount, about $27 trillion, or 79 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors. The remaining $7.0 trillion (21 percent), was intragovernmental debt, which simply records transactions between one part of the federal government and another.